23.11.2020

Liv-Alandia – Transfer of Life Insurance Portfolio

We assisted Försäkringsaktiebolaget Liv-Alandia in the transfer of its entire life insurance portfolio to Aktia Life Insurance Ltd through a portfolio transfer in accordance with the Finnish Act on Insurance Companies. The project also involved the cancellation of Liv-Alandia’s licence and its merger into its parent company, Alandia Försäkring Abp. In connection with the reorganisation of the Alandia Group, we also assisted Alandia Försäkring Abp in drafting the terms of T2 subordinated loans.

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We successfully represented a panel of reinsurance companies in an international ad hoc arbitration. The dispute arose out of a reinsurance treaty under the terms of which the reinsurers had reinsured a portfolio of risks underwritten by the cedent. The parties disagreed as to whether the reinsurance provided coverage for a certain loss that had occurred because of the market turmoil caused by the Covid-19 pandemic. The case involved highly complex legal and contractual questions requiring special expertise on reinsurance law and practice. The arbitral tribunal rejected the counterparty’s claims for reinsurance compensation against our clients in full. The amount in dispute was approximately EUR 34 million.
Case published 16.9.2025
We advised the Savings Banks Group on an arrangement whereby the shares in Sp-Henkivakuutus Oy were sold to Henki-Fennia and at the same time the parties agreed on a long-term distribution cooperation for insurance savings and loan protection products. The closing of the transaction remains subject to regulatory approvals. Sb Life Insurance is a domestic life insurance company, established in 2007, offering insurance savings and risk insurance products to private customers and companies. The Savings Banks and Oma Säästöpankki Oyj act as agents for Sp-Life Insurance. Henki-Fennia is a subsidiary of Keskinäinen Vakuutusyhtiö Fennia, specialising in voluntary life, pension and savings insurance.
Case published 11.4.2025
Castrén & Snellman is the trusted partner for companies in the insurance sector both in Finland and internationally. We have assisted our clients in matters such as obtaining authorisation for activities transactions, such as insurance portfolio transfers and ownership control processes system acquisitions disputes outsourcing arrangements sales, marketing and insurance distribution matters. We have extensive experience in the insurance sector and decades of collaboration with supervisory authorities. We offer our clients our internationally recognised competence, clear thinking and solution-oriented experts.
Case published 5.12.2023
We assisted Finnish Mutual Patient Insurance Company (FMPIC) in its procurement of discretionary asset management services. The procurement was conducted as an open procedure in accordance with the Public Procurement Act (1397/2016). In the procurement, FMPIC selected two asset managers to whom its assets are to be allocated. The terms of the tendered agreements are indefinite, and they are intended to be in force as of the beginning of 2023. Based on the tender procedure, OP Varainhoito Oy and Nordea Bank Oyj were selected as the suppliers of the services.
Case published 27.9.2022